CALIFORNIA – The U.S Department of Justice (DOJ) announced July 31, that a San Fernando Valley man was found guilty of embezzling $2.2 million from an elderly victim’s inheritance.
Jamal “Jimmy” Dawood, 54, of Burbank, was convicted of six counts of wire fraud and nine counts of money laundering.
At trial, prosecutors said Dawood offered to help manage the victim’s inherited real estate and savings in late 2019. He helped the victim open a trust account to manage the retirement funds.
Dawood secretly transferred funds from the victim’s trust to his own accounts. He also funneled trust funds to his personal and business associates without the victim’s consent.
Dawood persuaded the victim to transfer his home and inherited properties to various companies.
Stolen funds bought real estate in La Crescenta and Fontana
He falsely claimed the victim would keep ownership of the home and the inherited properties through the companies. In reality, Dawood and his associates controlled the companies.
Dawood fraudulently took over $2.2 million from the victim. The stolen funds bought real estate in La Crescenta and Fontana.
U.S District judge James V. Selna set sentencing for December 8, where Dawood could face up to 20 years per wire fraud count and 10 years per money laundering count.
Report fraud early to improve chances of recovery
The DOJ said that if you’re 60 and older and a victim of financial fraud, call the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311).
Managed by the DOJ’s Office for Victims of Crime, the hotline offers personalized support, helps connect people with agencies, and provides resources.
Reporting fraud early can improve chances of recovery.
The hotline is open daily 3 p.m. to 8 p.m. PT, with services in English, Spanish, and other languages.
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